Essential Economics for Politicians

Bruddah IZ said:
Just as a free press is necessary for a free citizenry, so too is sound money necessary for a free economy. All other aspects of what is meant by the term "economic freedom" in conventional circles--low tax rates, mild regulation, no trade barriers -- are a moot point if the government has a printing press at its disposal.

That is why education is the first and most important step--people need to understand the importance of sound money, and the dangers of fiat money and central banking
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I like that you started to state your position in your own words.

Shall we start a discussion about the latter, i.e., economic freedom and government's role?
 
Bruddah IZ said:
...the paper currency in your purse or wallet is a liability of the Federal Reserve, legally speaking. After all, these green pieces of paper have "Federal Reserve Note" written on them. This is an accounting fiction, of course, a throwback to the days when the notes were simply claims to actual gold or silver. It's hardly a liability to have billions of dollars in "claims" against the Federal Reserve floating around, when they are claims to nothing. (If you tried to present a $20 bill for redemption at a Federal Reserve Office, you would be able to get two $10 dollar bills, or four $5 dollar bills, but certainly no other type of asset.)--HPBRW
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You could ask for coins.
 
I'm just curious if you have a full understanding of currencies and complex banking. We know your opinion on fiat money and fractional reserve banking, can you show us both the advatages and disadvantages?
 
Wez said:
I'm just curious if you have a full understanding of currencies and complex banking. We know your opinion on fiat money and fractional reserve banking, can you show us both the advatages and disadvantages?
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I can't show you any advantages to fiat money and fractional reserve banking. Currency and banking are not that complex.
 
Bruddah IZ said:
I can't show you any advantages to fiat money and fractional reserve banking.
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Than your ideology outweighs your desire for a balanced discussion of pros and cons. I'm not buying what you are selling, despite agreeing with you on many things.
 
Wez said:
Than your ideology outweighs your desire for a balanced discussion of pros and cons.
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Interesting choice of word, "outweigh". Isn't the practice of fiat money and fractional reserve banking a literal outweighing of too much paper money and not enough gold to back it up? And it's not like the Fed or our government had a balanced discussion, with citizens, of the pros and cons in 1913 when both the Fed and income taxes started, or in 2008 and beyond when the Fed started QE. I would be happy to hear your disadvantages to a commodity system given our current financial situation. After all, you're the one that started the thread about it feeling like 2008 again. Why does it feel like that....again!!! Perhaps our current system is outweighed with too much cash again.
 
Bruddah IZ said:
Interesting choice of word, "outweigh". Isn't the practice of fiat money and fractional reserve banking a literal outweighing of too much paper money and not enough gold to back it up? And it's not like the Fed or our government had a balanced discussion, with citizens, of the pros and cons in 1913 when both the Fed and income taxes started, or in 2008 and beyond when the Fed started QE. I would be happy to hear your disadvantages to a commodity system given our current financial situation. After all, you're the one that started the thread about it feeling like 2008 again. Why does it feel like that....again!!! Perhaps our current system is outweighed with too much cash again.
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I've already discussed the 2008 thread and the reasoning, it didn't come to pass. Google "problems with a gold backed currency system". We're in uncharted territory in economics. Nobody has ever tried to manage a multi trillion dollar economic system. To sit here and do nothing but complain about it and put forth zero effort to have a balanced discussion is what you and many other Libertarians love to do. I can't take to heart your complaints when there is no acknowledgement of the fruit our system has produced.
 
Bruddah IZ said:
Interesting choice of word, "outweigh". Isn't the practice of fiat money and fractional reserve banking a literal outweighing of too much paper money and not enough gold to back it up? And it's not like the Fed or our government had a balanced discussion, with citizens, of the pros and cons in 1913 when both the Fed and income taxes started, or in 2008 and beyond when the Fed started QE. I would be happy to hear your disadvantages to a commodity system given our current financial situation. After all, you're the one that started the thread about it feeling like 2008 again. Why does it feel like that....again!!! Perhaps our current system is outweighed with too much cash again.
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Coocoo.
 
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